TORONTO, May 1, 2020 /CNW/ - Power Ore Inc. ("Power
Ore" or the "Company") (TSX.V: PORE) is pleased to report
that Rider Investment Capital Corp ("Rider"), is undertaking a
$700,000 equity financing
("Financing") and that it will change its name to Baselode Energy
("Baselode").
Baselode will focus on energy metals, including uranium and will
be lead by James Sykes, a renowned
geologist specializing in the Athabasca basin with a proven track record of
discovery, including NexGen Energy's (NXE:TSX) Arrow deposit.
For more information on Baselode, please see its Presentation
& Webinar linked below:
White Lies about Green Energy -
Webinar
Baselode Corporation Presentation
Baselode's Financing Terms & Availabilty
Any
accredited investors interested in participating in Baselode's IPO
financing should contact Stephen
Stewart in the near term at sstewart@powerore.com. Pricing
is as follows:
- 10 cents for Hard Dollar Units
which includes a common share plus one half warrant exercisable at
at 15 cents for 2 years.
- 12 cents for Flow Through Units
which includes a common share plus one half warrant exercisable at
17 cents for 2 years.
Power Ore and Baselode's Qualifying Transaction
Power
Ore owns approximately 80% of Baselode's shares resulting from the
sale of its Mann Mine, as announced in the February 25, 2020 news release.
Baselode is currently a Canadian Capital Pool Company ("CPC")
listed on the TSX Venture Exchange and is in the process of
completing its Qualifying Transaction ("QT") to concurrent with the
acquisition of Power Ore's Mann Mine.
Completion of Baselode's Financing and QT remains subject to the
approval of the TSX Venture Exchange. The Financing may include any
combination of Hard Dollar Units and Flow Through Units. All
securities issued pursuant to the Financing will be subject to a
statutory four month and one day hold period. Subscription
agreements are available upon request. The financing is only
available to accredited investors.
Results of Baselode's Annual General and Special
Meeting
Baselode's shareholders have approved all
resolutions brought before them at the Company's Annual General and
Special Meeting of Shareholders held on April 30, 2020, including the change of the name
of the corporation to Baselode Energy Corp.
For information and updates on Power Ore, please
visit: www.powerore.com
And please follow us on Twitter @PowerOre
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Certain information in this press release
may contain forward-looking statements. This information is based
on current expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. Power Ore is a trade name of PowerOre Inc. PowerOre
Inc. assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those reflected in the forward looking-statements
unless and until required by securities laws applicable to PowerOre
Inc. Additional information identifying risks and uncertainties is
contained in filings by PowerOre Inc. with Canadian securities
regulators, which filings are available under PowerOre Inc. profile
at www.sedar.com.
SOURCE Power Ore
